We are excited to partner with CIT on this financing, allowing us to increase the amount of low-cost, reliable solar energy we are providing to residential customers across the United States
NEW YORK & BOULDER, Colo.--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of commercial lending and leasing services, today announced that it provided a $75 million senior secured credit facility to an affiliate of AES Distributed Energy, Inc., a subsidiary of The AES Corporation, to finance its acquisition of residential solar systems across the United States through its MySolarSM program.
MySolarSM is a strategic partnership formed by affiliates of AES Distributed Energy and Morgan Stanley for the purpose of financing, owning and operating residential solar systems, which provide low-cost, reliable solar energy to consumers across the country under the terms of long-term, fixed-rate solar leases.
“We are excited to partner with CIT on this financing, allowing us to increase the amount of low-cost, reliable solar energy we are providing to residential customers across the United States,” said Phil Henson, CFO of AES Distributed Energy.
Mike Lorusso, Group Head of CIT Corporate Finance, Energy, said, “As solar power continues to increase in popularity, we remain at the forefront of alternative energy financing. We are pleased to have arranged this financing for AES Distributed Energy to support their acquisition of newly constructed residential solar photovoltaic energy systems across the United States.”
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About AES Distributed Energy
AES Distributed Energy brings reliable and affordable solar power to schools, municipalities, utilities, residential marketers and private-sector commercial entities. We develop, own and operate distributed generation solar PV projects. Our partnerships with EPC contractors, equipment manufacturers and project financiers enable us to build and structure turnkey, distributed solar PV solutions that require no upfront capital outlay. Formed by the acquisition of Main Street Power Company in February 2015, and through our ongoing business relationship with MS Solar Solutions Corp, a wholly-owned subsidiary of Morgan Stanley, AES Distributed Energy has over 60 MW of distributed generation solar PV projects in operation across North America with an additional 100 MW in development in the US, Caribbean and Latin America. To learn more, please visit www.aesdistributedenergy.com
About MS Solar Investments
MS Solar Investments LLC (MSSI) is an indirect wholly owned subsidiary of Morgan Stanley (NYSE: MS), one of the world’s leading financial institutions. MSSI focuses on making equity investments in companies that own, directly or indirectly, solar photovoltaic projects.
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE:CIT). It provides lending and leasing to the small business, middle market and transportation sectors. CIT Bank (BankOnCIT.com) offers a variety of savings options designed to help customers achieve their financial goals. As of March 31, 2015, it had more than $16 billion of deposits and more than $21 billion of assets. cit.com/CITBank
Founded in 1908, CIT (NYSE:CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services principally to middle market companies across more than 30 industries primarily in North America, as well as equipment financing and leasing solutions to the transportation industry worldwide. Its U.S. commercial bank subsidiary, CIT Bank (Member FDIC) BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals. cit.com
Matt Klein, 973-597-2020
Vice President, Media Relations